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Oil stabilizes amid Middle East tensions
Oil prices stabilized after a modest rise as market participants assessed geopolitical risks and changes in US crude inventories, Bloomberg reports.
Brent crude traded near $67 per barrel after a 0.6% gain on Tuesday, while WTI stood above $65 per barrel.
According to Bloomberg, Iran has cut off communications with key United Nations (UN) officials, escalating its diplomatic standoff with Washington. Analysts at Sparta Commodities warn that the easing of Middle East tensions may prove short-lived, with markets poised to react swiftly to any resurgence of the conflict.
Meanwhile, the American Petroleum Institute (API) reported a 1.4 million barrel draw in crude inventories at the Cushing oil storage hub last week. If confirmed by official data, this would mark the largest weekly decline since January.
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